Our customers come from all different industries, from ICOs, to ecommerce websites, cryptocurrency mining operations, to hedge funds and digital asset investors.
Today’s Blog we will highlight a few ways cryptocurrency miners really benefit by using Bitwave.
People who mine crypto currencies face a lot of unique crypto transaction management and accounting challenges. Because of the nature of cryptocurrency mining, miners often face the quagmire of tracking a high volume of transactions, the headache of sending out lots of distributions to investors, or the difficulty of accounting for exchange fees and revenue. Plus they need to track COGS (cost of goods sold), usually on things purchased in FIAT currencies (like expenses for purchases of mining equipment or the cost of the electricity itself.)
Our platform delivers a full-featured software solution designed to help our customers, like crypto mining companies, account for, and handle taxes around cryptocurrencies and tokens.
Here are just a few reason miners love Bitwave:
Support for Staking:
Staking Dash, or getting ready for ETH 2.0? We've got you covered, Bitwave supports complex staking transactions.
A Powerful Rules Engines for Automatic Categorization:
Miners tend to have a high volume of transactions which makes our automatic rules engine a must. It will cut down on the time you spend journaling crypto transactions. If you want, for example, to classify every bit of ZCash to a particular address as mining revenue? Easy! Create a rule in Bitwave and it will be done for you automatically. Save hours a month from accounting. Bitwave developed a fully automated workflow engine built around managing cryptocurrencies and tokens.
Complex Tax Tracking:
Bitwave will help you set the best crypto tax strategy for your business goals. We can support LIFO, FIFO, and even more complex methods like specific identification and average cost.
Automatic Cost-Basis Tracking:
You can simplify the way you track mining revenue, crypto expenses, taxes and more since Bitwave automatically tracks the cost basis of each transaction.
One Click Mark-to-Market Calculations:
Our platform also syncs mark-to-market adjustments to mark the current value of your holdings. So at anytime you can see the real time value of the tokens or digital assets you have mined in USD.
Bill Pay and Invoicing
If you want to use crypto to pay contractors or vendors or receive compensation for services, we’ve got you covered! Our Bill Pay feature makes it easy to pay invoices in crypto.
Accurate Blockchain Explorer
Bitwave functions as a blockchain explorer, accurately pulling in all of your transactions.
If you are a cryptocurrency miner, check us out! Email Bitwave at firstname.lastname@example.org or visit www.bitwave.io if you’d like to see a demo!
Disclaimer: The information provided in this blog post is for general informational purposes only and should not be construed as tax, accounting, or financial advice. The content is not intended to address the specific needs of any individual or organization, and readers are encouraged to consult with a qualified tax, accounting, or financial professional before making any decisions based on the information provided. The author and the publisher of this blog post disclaim any liability, loss, or risk incurred as a consequence, directly or indirectly, of the use or application of any of the contents herein.